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VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), a $126 million market cap drone services company whose stock has shown strong returns over the past three months according to InvestingPro, announced Thursday it has completed the acquisition of Cardinal Civil Resources, a land surveying and engineering firm based in Williamsburg, Virginia, marking its eighth and largest Drone as a Service acquisition to date.
The deal expands ZenaTech’s drone service operations across Virginia, North Carolina, and South Carolina, adding clients including the US Department of Transportation and other federal agencies to its customer portfolio.
Cardinal Civil Resources, founded in 2010, provides survey and mapping services to government agencies and commercial clients, including a national homebuilder, residential developers, and the US National Park Service.
"This eighth acquisition not only further expands our national footprint, but it connects us to a deeply rooted base of premier long-term government and commercial clients," said Shaun Passley, ZenaTech CEO, in the press release.
The acquisition comes days after US Transportation Secretary Sean Duffy proposed a new rule on August 5 to expand Beyond Visual Line of Sight drone operations, which would replace case-by-case waivers with a standardized framework for commercial drone use.
ZenaTech’s Drone as a Service model provides on-demand access to drone services for surveying, inspections, and automation without requiring customers to invest in hardware, software, pilots, or regulatory compliance.
The company stated it aims to establish 25 Drone as a Service locations nationwide by mid-2026 through its acquisition strategy, targeting land survey engineering companies and other businesses for its drone technology integration. With revenue growth of 24.51% in the last twelve months, InvestingPro data shows analysts expect continued sales growth this year. Discover 8 more exclusive InvestingPro Tips about ZenaTech’s growth potential and financial outlook.
In other recent news, ZenaTech Inc. has made significant strides in its operations and strategic initiatives. The company announced the formation of Zena AI, a new development center under its ZenaDrone US subsidiary, aimed at creating AI software solutions for the US Department of Defense and Homeland Security. Additionally, ZenaTech’s subsidiary, ZenaDrone, has entered into a strategic partnership with Eagle Point Funding to pursue US defense contracts, leveraging Eagle Point’s expertise in grant programs to craft competitive proposals for government agencies. ZenaDrone has also submitted its IQ Square drone for Green UAS certification, a crucial step toward inclusion on pre-approved procurement lists for the Department of Defense. Furthermore, ZenaTech plans to triple the size of its Phoenix, Arizona facilities to support full US drone manufacturing, assembly, and testing, driven by favorable US policy shifts. These developments reflect ZenaTech’s focus on expanding its presence in the defense sector.
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